Saudi Aramco plans to set up filling stations and retail services which will be wholly owned by the company.
The Saudi oil giant’s decision to enter the retail market came as early as last year when it obtained approval to establish a company dedicated to retail services. The new company is licensed to build, operate and maintain service stations which will include supermarkets.
Groundwork is already underway as a strategy team has been established to draw up a viable road map for the new venture.
“We had already begun implementing this project by the end of last year,” said the company. However, a definite date has not been announced for the launch of the service.
This move is in line with Saudi Aramco’s vision to become an integrated energy company with diversified a business portfolio which includes; petrochemicals and the sales of refined products.
Aramco however stated that it may outsource some of its retail services other than fuel supply, to partners who could add value to brand.
